Canada PMI January 2016

Canada: PMI climbs drastically in January

February 5, 2016

The Ivey Purchasing Managers’ Index (PMI), which is sponsored by the Richard Ivey School of Business and the Purchasing Management Association of Canada, increased a striking seasonally-adjusted 16.1, up from 49.9 in December to 66.0 in January. The increase puts January’s reading well above market expectations of a 50.0 reading. The volatile index is now back above the 50-threshold that indicates expansion in the manufacturing sector.

FocusEconomics Consensus Forecast panelists see industrial production expanding 0.9% in 2016, which is down 1 percentage points from last month’s forecast. For 2017, the panel expects industrial production growth of 3.0%.

Author:Robert Hill, Economist

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Canada PMI Chart

Note: Ivey Purchasing Managers’ Index. A reading above 50 points indicates an expansion in the manufacturing sector while a value below 50 points indicates a contraction.Source: Richard Ivey School of Business and the Purchasing Management Association of Canada.

On 1 October, after more than a year of tense negotiations, Canada and the United States agreed to maintain their longtime free-trade relationship, seemingly ending an uneasy chapter of neighborly brinkmanship that, only months ago, had threatened to upend the continent’s trading landscape.

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